Pushing past roadblocks to drive sustainable business transformation in Europe
Executive summary
Key takeaways for leaders
About the study
01 Decoding sustainability: a multidimensional concept
02 Navigating sustainable business transformation: roadblocks and pain points
2.1
03 A two-pronged
Lead the change: Pushing past roadblocks to drive
In today’s rapidly changing world, the urgency to maintain focus on sustainability has never been greater. While the triple planetary crisis of climate change, biodiversity loss, and pollution demands immediate action, new challenges such as geopolitical conflicts, inflation, energy security concerns, and the rapid rise of AI technologies threaten to distract business leaders from their sustainability commitments. The stakes are high: if we lose focus now, the long-term consequences will not only impact the environment but also the resilience of businesses and economies alike.
Yet less than half of the European companies we surveyed are confident they will meet their netzero targets on time. This reflects a broader issue: businesses are struggling to translate ambition into meaningful action. The five major organizational roadblocks standing in the way are fragmented visions, an overemphasis on risk and compliance, misalignment between leadership and middle management, small-scale thinking, and a mismatch between sustainability goals and resource allocation. These challenges undermine the ability of companies to fully operationalize sustainability strategies, threatening to stall progress when decisive leadership is most needed.
To overcome these roadblocks, companies must first manage their sustainability transformation by focusing on foundational drivers. These include visionary leadership, adopting an opportunity-oriented strategy, aligning financial strategies through strategic CFO engagement, empowering mid-level management, and updating success metrics to reflect sustainability advances alongside financial performance. The interrelated nature of sustainability transformation requires that these elements work together cohesively. These foundational drivers provide the anchor necessary to keep sustainability efforts grounded and consistent, even in the face of new challenges.
However, managing sustainability alone will not suffice. We find forward-thinking companies go beyond this by driving sustainable transformations through three key transformational accelerators: innovation, digital leverage, and ecosystem play. These accelerators enable businesses to turn sustainability from a reactive risk -management effort into the proactive driver of a competitive edge. Sustainable innovations relate to circular and regenerative business models that reshape industries, while digital technologies present enormous opportunities for optimizing operations, reducing emissions, and driving sustainability at scale.
Moreover, collaborative ecosystems – working across value chains with suppliers, customers, and competitors – will be essential in reimagining core systems such as energy, food, and mobility. This collective effort will enable businesses to leverage these interconnected drivers not only enabling them to meet their sustainability goals, but also to strengthen their resilience relative to new economic, environmental, and geopolitical pressures.
The time to act is now.
Business leaders must remain steadfast in their sustainability commitments, resisting the temptation to sideline these efforts in the face of competing challenges. Those who manage their sustainability transformation will endure, but those who drive it will lead organizations that emerge stronger, more resilient, and better positioned for long-term success in an uncertain world.
Lead the change: Pushing past roadblocks to drive sustainable business transformation
In our report, we outline how companies can maintain momentum, overcome hurdles, and lead the charge toward a sustainable business future.
In periods of volatility, coupled with challenges like geopolitical conflicts, inflation, and energy security concerns, it’s easy to lose sight of longterm sustainability goals. Indeed, our findings show that while 97% of leaders agree that sustainability should be integrated into their corporate strategy, only 57% believe it will remain a core driver of their
Business leaders must ensure they have the foundational drivers for a successful transformation in place. Without these, even the most ambitious sustainability efforts will falter. Currently, only 20% of our respondents view sustainability through an opportunity-focused lens, while 66% take a more balanced view, seeing it as both a risk and an opportunity. Additionally, only 33% report having well-established mechanisms to track sustainability performance, with 30% indicating partial integration of such metrics. This incremental progress underscores the need for deeper recognition of the foundational drivers of sustainable business transformation.
Leading companies go beyond the basics, embracing the three transformational accelerators: innovation, digital leverage, and ecosystem collaboration. Embracing circular and regenerative business models unlocks long-term value, while digital technologies drive efficiency and data-driven sustainability efforts. Collaborative ecosystems allow businesses to work with stakeholders across the value chain – suppliers, customers, and even competitors – to co-create sustainable solutions.
Sustainable transformation requires breaking down internal silos by fostering collaboration between leadership, mid-management, and across key departments, particularly the Chief Financial Officer (CFO) and Chief Sustainability Officer (CSO). Strategically engaged CFOs can ground the sustainability vision with financial clarity and help define the quantification of sustainability efforts. Externally, no company can succeed alone. Businesses must engage with broader ecosystems, working alongside other organizations to address systemic sustainability challenges.
The success of a sustainable transformation depends on the leadership’s ability to create conditions for change. Business leaders have a unique role in ensuring sustainability stays central to business strategy. It’s not just about risk management – it’s about leading the shift toward a more resilient, innovative, and sustainable future. The time to act is now. Those who lead the charge will not only drive meaningful change but also position their companies as market leaders in an increasingly sustainabilityconscious world.
Lead the change: Pushing past roadblocks to drive
Lead
Pushing
IMD and Capgemini launched a research initiative to delve into the complexities of how businesses are transforming in the name of sustainability. While the term “sustainability” has become a broad umbrella encompassing everything from environmental responsibility to societal well-being and governance, we focus on the concrete actions, intentions, and aspirations driving real change. This report, the first output of the IMD-Capgemini collaboration, zeroes in on the insights drawn from leading European businesses as they navigate their sustainability journey.
Much has been written over the last two decades about the business case for sustainability. This report moves the conversation forward by exploring the “how” – how companies are actually implementing sustainable transformations and the mechanisms that are proving essential in this process. We aimed to uncover not just the drivers, but the practical steps businesses are taking to embed sustainability into their DNA.
To achieve this, our study, initiated in September 2023, employed a mixed-method approach, blending quantitative data with qualitative insights. The research engaged 91 senior executives from 57 companies and was conducted across 11 industries in the EU/EEA region, (see Figures 1, 2, 3, and 4). The choice of a smaller sample size was intentional; we prioritized depth over breadth. This enabled us to take deep dives into the nuances of sustainability implementation, capturing detailed, often untold stories from within the boardrooms and frontlines of companies driving change.
Critically, we didn’t shy away from including companies from industries often viewed as controversial in the sustainability arena. These businesses, whose legacy products may have a significant negative impact on the planet and society, represent a vital piece of the puzzle. They are under intense scrutiny, and while they won’t change overnight, their efforts to transform are essential to the broader sustainability conversation. Understanding how these companies – often at the center of environmental and societal challenges –are shifting away from their old ways of doing business provides invaluable insight into the realworld challenges of sustainable transformation.
By incorporating companies from both established and controversial sectors, our study paints a more complete picture of the business landscape. It sheds light on the diverse, sometimes difficult, but necessary paths companies must take to achieve sustainable growth. This research offers not just a snapshot of where businesses stand today, but a glimpse into how they are positioning themselves for the future – where sustainability is no longer a side conversation but a core strategic priority.
Sustainability is no longer a buzzword – it’s an urgent imperative for businesses. But while the business case for sustainability has solidified over the past decade, the path to sustainable transformation remains fraught with complexity. What makes this journey so difficult is not the lack of ambition but the challenge of translating a multidimensional concept like sustainability into actionable, measurable outcomes that span the entire organization. While over 70% of our survey respondents report being on a sustainable business journey, the critical question is: How many are truly moving the needle?
For some businesses, sustainability efforts are focused on incremental improvements – greening their operations or tweaking products to be more eco-friendly. These companies may concentrate on reducing emissions, increasing energy efficiency, or incorporating recycled materials into their existing offerings. This approach often results in gradual, stepby-step progress that can be more easily integrated into the current business model but tends to focus on short-term goals and compliance-driven results.
On the other hand, more ambitious companies are reimagining their business models entirely, moving beyond incremental improvements to embrace circular and regenerative practices. In fact, in Capgemini’s “The world in balance 2024” report, the sustainability maturity index revealed a 22% increase in the adoption of sustainable practices and initiatives from 2022 to 2024, across the organizations surveyed. These organizations not only aim to reduce their environmental footprint, but create systems where waste is minimized or even eliminated.
Circular models – where products are designed for reuse, refurbishment, or recycling – represent a fundamental shift in how businesses approach sustainability. Regenerative models take it a step further, seeking to restore and replenish ecosystems through their operations, contributing to net positive impacts on the environment.
Sustainability is not part of the play.
Sustainability is THE play.
– Senior executive, consumer staples
The difference is stark: while incremental approaches focus on minimizing harm, circular and regenerative models aim to fundamentally change the way value is created and sustained, driving long-term resilience and competitive advantage. However, this kind of systemic transformation demands deep shifts in strategy, supply chains, and organizational culture, making it far more challenging to execute at scale.
But most companies fall somewhere in the middle, struggling to balance ambition with execution. Many turn to external reference points – standards, regulations, or frameworks – to guide their efforts. These to-do lists of sustainability targets can give companies the appearance of progress: signing up for net-zero commitments, setting ambitious long-term goals, and receiving public praise or investor approval. However, beneath this surface-level ambition lies a far more uncomfortable truth: many organizations lack the concrete roadmap or internal alignment needed to meet these targets.
Figure 6: Has your company established net-zero emission targets to address its environmental impact?
Yes, to be achieved by 2025
Yes, to be achieved by 2030
Yes, to be achieved by 2040 and beyond
Yes, but no defined timeline
In consideration, but no decisions have been finalized
Not in consideration at the moment
Not sure about the status of net-zero emission targets within our company
Our research confirms this gap between intention and action. While 82% of respondent companies have set net-zero targets, less than half feel confident in their ability to achieve them within the proposed timeframes. This discrepancy reflects a troubling reality – one that is less about ambition and more about organizational readiness.
The root of the issue often lies in how sustainability is understood and communicated internally. While most companies, in theory, view sustainability as a broad, holistic concept encompassing economic, social, and environmental factors (72% endorse the “Triple Bottom Line” approach), this breadth can be as much a weakness as it is a strength. A broad definition often leads to fragmented interpretations across functions, levels, and departments, making it difficult to align on a clear course of action.
The lack of a unified interpretation at the operational level can paralyze efforts and dilute the focus needed to drive meaningful transformation. Sustainability risks becoming a ‘floating’ concept – aspirational but lacking the firm grounding in daily operations and decision-making that’s essential for success.
This lack of clarity is not without consequences. It hinders the ability to convert strategic intent into actionable outcomes. Increasingly, businesses are therefore turning their attention to material
topics – those issues that are most critical to their specific operations and stakeholders. This approach is becoming more refined with the rise of double materiality, a concept now embedded in the EU’s Corporate Sustainability Reporting Directive (CSRD). Double materiality takes a dual perspective, looking not only at how sustainability issues impact the business, but also how the business itself impacts society and the environment.
“We need to move away from feelgood sustainability toward topics that are materially important to us.”
–
Chief Sustainability Officer, consumer discretionary
This shift is helping companies bring greater strategic focus to their sustainability efforts. Rather than chasing broad, generic goals, double materiality allows organizations to zero-in on the key issues that matter most to their long-term success and their wider impact. It’s a move away from superficial wins and toward embedding sustainability where it counts. As this concept gains traction, it is becoming a critical tool to help companies prioritize resources and align their sustainability strategies with the areas that truly drive value, both internally and externally.
In this study, we have developed a methodology that assesses companies’ organizational readiness for sustainable transformations across three critical dimensions: Strategy, Execution, and Leadership. Organizations that score higher across these areas demonstrate greater confidence in their ability to meet sustainability targets.
As shown in Figure 7, companies that are confident in reaching their net-zero targets score significantly higher across all three dimensions compared to those that are not. This confidence reflects stronger internal alignment, more robust execution plans, and a clear, cohesive leadership commitment to sustainability. Conversely, companies struggling to align these three elements are facing a major roadblock in their sustainability journey, leaving them far less prepared to meet their goals.
As companies increasingly focus on material topics that truly drive value, one thing becomes clear: organizational readiness is key to making real progress. It’s not enough to recognize what’s
High confidence
Low confidence
Aggregate average
important – companies must also be equipped internally to act on these priorities. While external pressures like regulations and market expectations are real, the most critical barriers to transformation are often within the organization itself. Our deeper analysis has identified five key internal roadblocks that undermine this readiness. By addressing these challenges head-on, companies can bridge the gap between intention and action, enabling a more effective and lasting sustainability transformation.
The challenge facing organizations is: “How can we transform toward sustainability – effectively and at scale?” A few companies are leading the charge, driven by dedicated CEOs, or a clear recognition of emerging market opportunities. These leaders understand that sustainability is not just an ethical choice or moral obligation, but a strategic one that ensures long-term resilience and competitiveness. In short, it’s good for business.
The window to act is closing fast, and failure to accelerate sustainable business transformation comes at a high cost. As we enter the era of climate adaptation, the economic consequences of inaction are becoming painfully clear. We’re already seeing rising costs from extreme weather events, loss of agricultural productivity, supply chain disruptions, and deteriorating infrastructure. These challenges will only intensify, threatening profitability, operations, and growth.
While external pressures like regulation, consumer demands, and investor expectations are real and shared across industries, the true differentiator lies in how companies address their internal roadblocks – the barriers within their own organizations that hinder swift and meaningful action.
Through our research, based on surveys and interviews with leading European companies, we’ve identified five core internal roadblocks that significantly impact the speed and effectiveness of sustainable business transformation. By addressing these internal challenges, companies can not only move faster, but also position themselves to thrive in a rapidly changing environment.
More than 70% of executives we surveyed confirmed that they are working on sustainability transformations that require core adjustments to their business. However, for more than half, this transformation is slow and incremental, pointing to a deeper issue: a fragmented vision of what sustainability truly means within the organization.
Our research reveals that 29% of companies have no shared internal understanding of their sustainability strategy. This lack of alignment isn’t just a communication issue – it signals a fundamental disconnect between leadership, the Board, and operational teams. When these critical layers of the organization don’t share a unified vision, and without a clear path for execution, even the most ambitious sustainability goals remain theoretical. This leaves companies navigating in silos, each department interpreting sustainability differently and pulling in its own direction.
of executives report there is no common understanding of the company’s sustainability strategy internally
Even in companies where there seems to be alignment (71% of respondents), our interviews uncovered an alarming trend: interpretations of sustainability vary widely across functions and levels. What one department sees as a priority may be viewed very differently by another. For example, while the operations team focuses on achieving net-zero emissions by optimizing energy use and reducing waste, the procurement department might prioritize maintaining relationships with low-cost suppliers, even if they have a high carbon footprint. Meanwhile, the IT department could focus on digitizing processes without fully considering the energy consumption of data centers. These disconnected perspectives create confusion about priorities and dilute the overall effort.
This fragmented understanding not only slows decision-making, but also complicates resource allocation. When different parts of the organization are unclear about the level of change needed, it results in piecemeal efforts – small, disconnected projects that don’t add up to meaningful progress. The result is that organizations remain stuck in a cycle of incrementalism, making small adjustments rather than making steps toward implementing the largescale changes that sustainability demands.
Another significant challenge stems from a lack of clarity at the leadership level. Without a common definition, senior leaders often have conflicting views on how deeply sustainability should be integrated into the core business strategy. This lack of alignment at the top creates a trickle-down effect, leading to misaligned execution. Middle management and operational teams struggle to prioritize sustainability alongside other business goals, resulting in fragmented initiatives that lack focus. In contrast, companies where sustainability is deeply embedded in the corporate purpose – 52% of our sample – show greater strategic clarity and effectively leverage sustainability for value creation. However, when sustainability isn’t fully integrated, execution suffers. Without a shared vision to guide efforts, companies experience disjointed initiatives and incremental progress, making it difficult to drive meaningful transformation (see Figure 8).
8: Reasons for lack of common understanding of sustainability strategy
We are currently in the process of developing a sustainability strategy
There are diverging views among the top management team on how to define the company’s sustainability strategy
There is a lack of communicating and cascading the sustainability strategy within the organization
Our organization does not have a sustainability strategy
Furthermore, companies often underestimate the complexity of aligning sustainability with business strategy. Sustainability touches every part of the business – strategy, operations, finance, and culture – so the absence of a unified, overarching vision makes it difficult to implement initiatives that are interconnected and scalable. When different departments are unsure of how their specific sustainability goals link back to the larger organizational strategy, it leads to conflicting priorities and fragmented execution. Teams focus on their own metrics without understanding how their efforts contribute to the company’s broader sustainability goals. Companies end up with shortterm, compliance-driven actions that do not address the underlying structural changes needed for longterm sustainability. As a result, organizations see only marginal gains rather than the systemic change required to meet ambitious sustainability targets.
The reality is that companies stuck in this fragmented approach will continue to struggle with slow progress, inconsistent outcomes, and missed opportunities. Without a clear, unified vision that aligns every level of the organization – from the Boardroom to the frontline – sustainability initiatives will remain reactive, scattered, and far from transformational.
“We need a strong, strategically aligned leadership which catalyzes agility, cross-functional collaboration and continuous improvement.”
– Senior executive, healthcare
Sustainability is increasingly becoming a regulatory priority, particularly in Europe, where companies face growing pressure from frameworks like the Corporate Sustainability Reporting Directive (CSRD), the Corporate Sustainability Due Diligence Directive (CSDDD), or the Greenwashing Directive. These regulations demand enhanced transparency and accountability, pushing businesses to meet complex compliance and reporting requirements. While addressing these regulatory demands is essential, focusing too narrowly on compliance often leads to missed opportunities for true transformation and long-term value creation.
Interestingly, our research shows that when sustainability shifts from being deeply embedded in a company’s purpose to being one of several core pillars, the strategic focus on sustainability wanes. Just over half (52%) of respondents report a focus on managing risks, trade-offs, and regulatory compliance. Although this may seem like a pragmatic response to regulatory pressure, it limits a company’s ability to think beyond the confines of compliance and move towards leveraging sustainability as a driver of innovation and new business models.
Regulatory pressure can make compliance feel like the most immediate step, and our survey identified “complex regulatory and compliance requirements” as the second-largest bottleneck to sustainability transformation. However, viewing sustainability through a purely risk-mitigation lens reduces it to
a cost of doing business, not a strategic advantage. When sustainability is characterized by compliance checklists, it becomes fragmented and disjointed. Departments focus on checking boxes to meet regulations, leading to initiative fatigue, where multiple uncoordinated projects fail to add up to meaningful progress. This piecemeal approach makes it difficult to develop new value propositions or innovative business models that can drive growth.
One danger of the “check-box mentality” is that it creates the illusion of progress. On paper, companies may meet compliance standards, but beneath the surface, the transformation is shallow. Without aligning their business model, culture, or strategy with sustainability, they cannot create real value or achieve meaningful change. Leaders who view sustainability through a risk lens often underestimate its potential for long-term value creation. Managing regulatory requirements is necessary, but it cannot be the endgame. A risk-based approach limits ambition and leads to stagnation, as sustainability becomes a checklist rather than a catalyst for reinvention.
“If you don’t become bold and brave, become agile and dare to disrupt or see the market in a different way, somebody else will just do it.”
– Jes Faltum, Senior Director, Sustainability at KK Wind Solutions
Even the most ambitious sustainability strategies can stall when they encounter the realities of day-to-day business operations. A common issue we see is the gap between top-level sustainability vision and onthe-ground execution, where conflicting priorities and a lack of clear guidance often undermine progress.
Nearly two-thirds of the organizations (64%) surveyed in Capgemini’s “The eco-digital era report”, state sustainability is on the agenda of every C-suite executive. Yet, our study reveals that while senior leaders may set a clear strategic direction, there is often a disconnect in translating this strategy into actionable plans. Mid-level executives frequently express frustration over competing demands from leadership. As one executive put it, “The desire for strategic sustainability change exists, but it must come at no cost.” This highlights a critical issue: performance metrics remain focused primarily on financial outcomes, making sustainability seem like an afterthought or an “add-on.”
“We face problems with sustainability to convince middle management because they have other targets, much more financially driven. There is a conflict of interest here and that’s what we still have to solve.”
– Senior executive, pharmaceuticals
When sustainability is not clearly communicated or cascaded throughout the organization (as seen in Roadblock #1), the transformation effort stalls at the execution stage. This is largely due to limited engagement and involvement of middle management. Leaders at this level often face the dilemma of juggling competing priorities, and without clear metrics to measure sustainability performance alongside financial targets, sustainability initiatives struggle to gain traction.
This disconnect creates what we term “execution paralysis.” When leadership fails to change the metrics that drive success, the organization is left stuck in its old ways of working, unable to fully embrace the changes necessary for a true sustainability transformation. Our survey highlights two key blockers at the mid-management level: a lack of ownership and accountability for sustainability initiatives, and insufficient involvement in translating top-level goals into actionable plans.
The disconnect between ambition and accountability is stark. While 97% of top executives agree that sustainability should be embedded in the corporate strategy, only 13% say their KPIs have been updated to reflect this (see Figure 9). It’s one thing to talk about sustainability at the strategic level, but without aligning the performance metrics that define success, sustainability remains an aspirational goal with little impact on day-to-day operations.
While nearly two thirds (63%) of respondents say senior management provides clear strategic direction and allocates the necessary resources for sustainability, only little over a third (35%) believe mid-level managers are involved in turning those ambitions into practical action plans. Even more concerning, just 14% say employees are working to clearly defined accountabilities for sustainability (see Figure 10). This lack of engagement from the middle layers of the organization is a serious barrier to successful execution.
Figure 9: How, if at all, have the organizational KPIs changed as a result of sustainability transformation?
All organizational KPIs have been reviewed and include sustainability related measures where possible
New sustainability related KPIs have been introduced to complement the existing KPIs
Some existing KPIs have been updated for sustainability
The KPIs have not been updated Not sure
Figure 10: For governing sustainability within the company, which of the following mechanisms have been deployed?
Senior management has established a clear strategic direction for sustainability and allocated relevant human and financial resources
There is a cross-functional sustainability committee consisting of management that is responsible for implementing sustainability transformation and monitoring progress
Middle management translates the sustainability ambition into specific actionable plans for each team/department/business line
Employees have clearly defined accountabilities to enact sustainable transformation
Middle managers and non-managerial employees are, after all, the ones responsible for implementing new sustainability-driven processes and systems. They offer operational clarity and are essential in transforming internal processes to align with sustainability goals. Yet, we often see top leadership holding the sustainability agenda too closely, for too long, without properly engaging the middle management layer early on.
As a result, middle managers feel neither empowered nor accountable for delivering on the company’s sustainability objectives, so sustainability efforts remain siloed at the top. Transformation requires more than strategic ideas from senior leaders – it needs organization-wide buy-in, where employees at every level feel a sense of ownership over the company’s sustainability vision. A lack of engagement and accountability reinforces the challenge of converting sustainability intent into meaningful action.
Adding to the challenge is that many organizations continue to measure success by outdated KPIs, where sustainability is seen as an add-on rather than integrated into the business’s core metrics. In fact, only 25% of companies have tied sustainability objectives to employee performance evaluations, meaning the vast majority of employees lack tangible incentives to contribute to the sustainability agenda. Furthermore, only 14% of respondents report that employees have clearly defined accountabilities related to sustainability transformation, and just 7% of leaders incorporate sustainability goals into employee performance metrics. This misalignment makes it difficult to motivate employees to embrace the necessary changes, reducing sustainability KPIs to a mere compliance exercise in many cases.
Our interviews underscore the importance of establishing a clear governance framework for sustainability transformation, with incentives and accountability aligned at every level. When sustainability goals are tied to employee performance metrics, it reflects a deeper organizational shift that goes beyond strategy and into the company’s core culture. Without this trickle-down effect, sustainability remains a high-level ambition with limited buy-in from those who are responsible for its execution.
“Today, the impetus for ambitious sustainability transformation is managed mainly by the Head of Sustainability, with vocal support from the management team, however I’m not sure how much support there is when it comes to action. We come from an immature level and the importance of changes are not always recognized in the organization.”
– Head of communications, healthcare (paraphrased)
Sustainability transformation is often seen as the culmination of many operational changes, yet the scale of these changes often falls short of what’s needed to really make a difference. One of the most significant roadblocks is the lack of innovation driving sustainability efforts. While 89% of companies in our sample acknowledged that varying levels of operational restructuring were needed to meet their sustainability goals, most of these changes have been incremental rather than transformative. In this context, it was revealing that 18% of companies admitted they had made no modifications to their business model at all, instead focusing on tweaking existing processes rather than exploring entirely new approaches to production, value creation, and sustainability.
The core challenge lies in companies thinking too small. Sustainability isn’t just about adjusting existing processes; it’s about rethinking the fundamental “Who? What? How?” of a company’s operations – what is produced, how it’s produced, and who is involved. For meaningful transformation, companies will have to make substantive changes to entire value chains and business models. Yet, when asked to rank the key enablers of sustainability transformation, innovation ranked dismally at number six out of eight. This is a missed opportunity. Nearly a quarter of respondents admitted their innovation functions couldn’t keep pace
Figure 11: To what extent does your organizational IT architecture support the sustainability strategy?
with the demands of sustainability transformation, limiting the ability to drive change at scale.
Another barrier we observe is that companies often fall into the trap of focusing too narrowly on protecting intellectual property (IP) rather than nurturing external collaborations. In some cases, companies become so inward-looking and protective of proprietary technologies, that they delay engaging with the external ecosystem until it is too late. By the time they realize the need to collaborate, they find themselves locked out of mature external networks that are already driving innovation. This inward focus stifles the very innovation needed to drive a competitive advantage through sustainability.
Moreover, digital transformation and sustainability are too often viewed as separate endeavors. While Capgemini’s “The eco-digital era” report stated that 58% of organizations surveyed believe that digital technologies can help them fast-track their sustainability goals, our data shows that companies are not leveraging digital technologies to their full potential. Indeed, 11% of companies are not currently leveraging digital technologies to support their sustainability goals at all (see Figure 11). This disconnect between digital and sustainability limits the potential to innovate and scale sustainability initiatives effectively.
“One of the major challenges is to develop and adopt digital tools that enable the implementation of sustainability across the organization”
Division head, financial industry
Companies that fail to fully embrace innovation and digital technologies in their sustainability efforts also miss out on engaging their broader ecosystem. Sustainability transformation is more than internal restructuring; it involves engaging with customers, investors, employees, and the wider community. Yet 33% of respondents rarely engage with their external ecosystem. Without proactive external engagement, sustainability initiatives remain siloed, and companies lose out on opportunities to co-create solutions, drive innovation, and build a culture of collaboration that supports long-term value creation.
Companies that are falling into the trap of small-scale thinking fail to develop a strategy that truly integrates sustainability into the company’s culture and longterm goals. Focusing solely on incremental changes locks companies into a ‘play-not-to-lose’ mindset. They miss the opportunity to leverage sustainability as a source of competitive differentiation. By not embracing a comprehensive, strategic approach, they also risk falling behind competitors who are playing to win, using sustainability to drive growth, innovation, and long-term value.
One of the most significant barriers to effective sustainability transformation is the misalignment of financial resources. Sustainability is not a low-cost, surface-level game – it’s a high-investment, long-term commitment. Yet, many organizations fail to back their sustainability ambitions with the necessary funding. This gap often means that key sustainability projects remain stuck at the initiative level, unable to scale and deliver the transformative impact required for real change.
Our survey makes this disconnect clear. Despite strong leadership driving sustainability strategies, 78% of senior leaders still report concerns about lack of budget (see Figure 12). Even more telling, 47% of respondents cited “insufficient financial resources” as one of the top three roadblocks slowing down their sustainability efforts. This raises a critical question: If sustainability is a top priority, why isn’t the money following suit? Ambitious goals are meaningless without the financial firepower to turn them into reality. Where’s the commitment when it’s time to fund the transformation?
“The ramp up of strategy is an important commitment from the leadership, but after that phase, resources need to be in place to ensure execution. There’s (sustainability) ambition at top level but lack of awareness of the impact on resources required to drive this transformation.”
– Anonymous survey response
When financial resources fail to align with sustainability goals, the impact is predictable. Instead of propelling widespread transformation, sustainability projects often get sidelined as small, disconnected efforts. Big ideas stay small –
Figure 12: In your opinion is the budget allocated for sustainability transformation?
Optimal
More than required
Somewhat insufficient
Not sufficient at all
78% of companies believe their sustainability budget to be insufficient
struggling to gain traction across the organization and failing to embed sustainability into core business operations. In this context, sustainability becomes a tactical “add-on” rather than the driver of innovation and growth it has the potential to be.
A major reason for this misalignment is that, in 55% of companies, sustainability budgets are still kept separate from core operational budgets or are funded on a case-by-case basis. This setup creates friction, leaving sustainability initiatives vulnerable when resources are tight. Without integrated financial planning, sustainability is likely to be deprioritized when the pressure is on.
This is where the role of the CFO becomes critical. When the CFO is not involved early in the strategic planning process, companies risk facing serious execution delays. CFOs hold the purse strings and, without their buy-in and participation, the gap between sustainability ambition and execution becomes even wider (see Figure 13). Engaging CFOs early in the process ensures that sustainability initiatives are not only well-funded, but also aligned with the company’s overall financial strategy.
With new regulations, such as the Corporate Sustainability Reporting Directive (CSRD) in Europe, increasing the pressure on companies to integrate sustainability into both financial and non-financial reporting, the CFO’s involvement has never been more important. In fact, the relationship between the CSO and CFO is now one of the most critical partnerships within organizations driving sustainability. Companies that fail to fully engage the CFO in their sustainability efforts are far more likely to encounter bottlenecks – and even face reputational risks such as greenwashing.
The roadblocks identified through the research emphasize the critical need for coordinated action across multiple areas – strategy, leadership, financial alignment, innovation, and execution. Overcoming these internal barriers is essential for companies aiming to move from incremental change to transformative sustainability efforts. In the next section, we explore the core foundational drivers that companies need to establish to successfully begin this journey, alongside the transformational accelerators that will empower those ready to lead and win in this critical transition.
Lead
Through our in-depth research with companies that have embarked on – and, in some cases, mastered – key steps of the sustainability journey, we have developed a two-pronged approach to guide organizations toward a successful business transformation. Our framework builds a roadmap for companies at various stages of transformation, further exemplified by casein-point examples. These cases are a result of in-depth interviews with companies and are grounded in realworld insights from businesses that have navigated the complexities of sustainable transformation, offering a blueprint for others to follow.
The first step is to establish a strong base through the foundational drivers, ensuring that core elements such as strategy, leadership, and organizational
alignment are in place to support sustainable growth. Once this groundwork is set, companies can accelerate their transformation through the transformational accelerators, which focus on three critical levers: innovation, digital leverage, and ecosystem play. These accelerators enable businesses to scale their sustainability efforts, drive innovation, and harness the power of technology and external partnerships to create long-lasting impact.
This twin approach equips companies to not only keep up, but to lead in a future shaped by sustainability. In the following sections, we will explore how these foundational drivers and transformational accelerators work together to create a scalable, effective roadmap for lasting success.
On the basis of our research, we find that successful sustainability transformations are built on a robust foundation. The five drivers below are necessary to embed sustainability across every layer of the organization – integrating it into strategy, culture, and operations. Without them, sustainability efforts become fragmented and reactive, missing the opportunity for long-term, strategic impact. By establishing these foundational drivers, companies can ensure their sustainability journey is cohesive, aligned, and primed for meaningful results.
Figure 15: Is sustainability at the core of your corporate purpose?
Sustainability is deeply embedded within our corporate purpose
Sustainability is one of the core pillars of our corporate purpose
Sustainability is indirectly connected to our corporate purpose
The company’s sustainability strategy and resulting commitments are separate from our corporate purpose
It may come as little surprise that setting the tone from the top is crucial for sustainability transformation, but our research provides concrete evidence of just how impactful it is – and how leadership can leverage this potential to the fullest. Companies where the CEO, CSO, CFO and Board actively champion sustainability see significantly higher alignment, reduced internal resistance, and stronger long-term results. Our research shows that companies with a clear sense of purpose, deeply embedded in their corporate strategy, are far more successful in translating sustainability goals into long-term value for shareholders, stakeholders, and society (see Figure 15). Leadership must not only set clear sustainability goals, but also anchor these goals in the company’s overarching mission. This ensures alignment across all levels and drives transformative change.
“Leaders are focused on their P&L and are routinely accountable for it. Financial targets tend to be more immediate than sustainability goals. That’s why we need top-down commitment, integration into core values, education and training, along with recognition and incentives”
– Senior executive, healthcare
To lead effectively, top executives must prioritize three key areas: developing a shared leadership agenda, extending sustainability beyond just the CSO’s accountability, and fostering a deep cultural shift throughout the organization.
For sustainability transformation to deliver real impact, it must be seamlessly integrated into the company’s core business strategy – not simply treated as an isolated initiative. A shared leadership agenda creates a purpose-driven transformation that leverages the collective expertise of the entire leadership team, making it a strategic advantage that competitors find difficult to replicate.
Our data reveals that nearly all leaders (97%) agree that sustainability should be embedded within corporate strategy. However, a critical insight emerged from our research: companies where sustainability lies at the core of corporate purpose – rather than as one of several priorities – are far more successful in integrating sustainability goals across the organization.
Figure 16: Company performance when sustainability is deeply embedded in corporate purpose versus when it is a core pillar, alongside other priorities
Aggregate
Sustainability is deeply embedded within our corporate purpose
Sustainability is one of the core pillars of our corporate purpose
Strategy
The degree to which sustainability is embedded in a company’s purpose profoundly influences leadership’s approach to transformation. Companies where sustainability is central to the mission are able to leverage it for long-term value creation. In contrast, companies that lack this deep integration tend to approach sustainability in a fragmented way, often limited to compliance-driven initiatives. Our analysis shows that companies with sustainability deeply embedded in their core purpose consistently outperform others across the key areas of strategy, execution, and leadership, with significantly higher scores of 8.16, 7.36, and 6.54, compared to companies where sustainability is one of many priorities (4.89, 4.94, and 4.43) – see Figure 16.
When sustainability is fully integrated into the corporate purpose, we observe several critical advantages:
• Clear direction: Sustainability becomes part of the company’s mission, vision, and values, aligning leadership around a common goal that permeates the organization. This common understanding translates into day-to- day practices at every level of the organization, reinforcing the sustainability mindset.
• Better trade-off management: Companies committed to sustainability can more effectively manage trade-offs, prioritizing longterm value creation over short-term gains, and addressing sustainability in a holistic manner.
• Concrete action: A unified sustainability vision translates into clear strategic priorities, with tangible actions such as reducing carbon footprints, improving resource efficiency, and embedding ethical practices throughout the organization.
Figure 17: Percentage of responses for “Who is primarily responsible for creating the strategic impetus for sustainability transformation within the company?”
The CEO
The Sustainability Lead/CSO
The CFO
The ExCo/leadership team
The Board
Others
Sustainability transformation cannot rest solely on the shoulders of the Chief Sustainability Officer (CSO). While the CSO plays a pivotal role in driving sustainability initiatives, successful transformation requires active engagement and commitment from the entire C-suite, particularly the CEO, CFO, and the Board (see Figure 17 and 18).
“You have to have the support of the Board and the CEO, otherwise you are lost.”
– Senior executive, energy and utilities
The CEO plays a crucial role in setting the tone for sustainability across the entire organization. When the CEO embodies the sustainability mission, it sends a powerful signal that sustainability is integral to the company’s long-term strategy. This visible commitment influences how sustainability is prioritized at all levels of the organization, and with external stakeholders. CEOs who advocate for sustainability, both internally and externally, break down silos and foster collaboration across functions, creating a culture of sustainability.
Figure 18: The support you need
In addition to championing the agenda, the CEO must also empower the CSO to effectively lead sustainability efforts. The CSO often operates at the intersection of strategy, operations, and culture, making their role critical to driving sustainability across the business. When the CEO actively involves the CSO in key strategic conversations and decision-making processes, it ensures that sustainability is not sidelined but integrated into core business functions. CEOs who back the CSO with resources, visibility, and influence create the conditions for success, enabling the CSO to effectively implement transformative initiatives.
Additionally, the CFO’s early involvement in sustainability planning is crucial for creating both financial and non-financial value. Without the CFO’s participation, sustainability initiatives may lack the financial rigor needed to drive true transformation. (For more on the CFO’s role, see the section on Strategic CFO Engagement.)
Board support is equally essential in legitimizing and advancing the company’s sustainability journey. Clear backing from the Board signals to the entire organization that sustainability is a strategic priority, not just a compliance exercise. Our research found that internal resistance to sustainability initiatives dropped from 34% to 7% in companies where the Board was actively engaged in the organization’s sustainability agenda. The Board’s involvement also becomes critical when navigating trade-offs between short-term financial gains and long-term sustainable value. By signaling to investors and the market that sustainability is a core element of the company’s future, the Board helps mitigate pressures generated by short-term value extractive stakeholders.
Governance structures and board involvement vary across companies, but three key approaches stand out in organizations that foster a deeper, more integrated sustainability transformation:
1. Empowered CSOs with direct board access: Organizations where the Chief Sustainability Officer (CSO) has a seat at the table during quarterly board meetings tend to have a stronger commitment to sustainability. This direct line of communication stems from a close, collaborative relationship between the CEO and CSO. In this setup, sustainability is presented as a core business value proposition that contributes to the company’s long-term strategic direction, rather than merely a compliance measure or an isolated “do-good” initiative.
2. Sustainability committee governance structure: In this model, sustainability teams at various levels of the organization address material issues and report directly to a board-level sustainability committee, in addition to the C-suite. This governance structure signals a strong commitment from the board, ensuring that sustainability impact and progress are integral to how the company operates. As a result, sustainability becomes a regular part of business discussions at board meetings, embedding it more naturally into the company’s overall strategy.
3. Sustainability-focused board members: Companies that take sustainability seriously often appoint board members with specific expertise in sustainability, environmental issues, or social governance. Having directors with deep knowledge in these areas can help steer the board’s discussions toward sustainability, ensuring it remains a top priority in the company’s strategic agenda.
Beyond leadership alignment, successful sustainability transformation requires a deep cultural shift within the organization. Some companies have focused this shift by training their employees on sustainability topics. Capgemini’s “The world in balance 2024” report shows an increasing trend with nearly three quarters (73%) of organizations surveyed educating employees on the importance of sustaining the environment, up from 52% in 2022. Our current study confirms these findings with 46% of respondents indicating that employees participate in regular training sessions focused on sustainability practices and their role in the transformation. Yet, for this transformation to be a success, there is a fundamental need to share a common purpose. Companies that have made significant progress on this journey report that their leadership teams consistently communicate the “why” behind sustainability across functions, geographies, and levels. However, our research shows that this communication is often inconsistent: 65% of leaders acknowledged that there are instances where different members of the leadership team communicate diverging messages on sustainability (see Figure 19). Only 28% consistently deliver a unified message.
This inconsistency impedes cultural change. Our findings suggest that leadership must go beyond high-level messaging and address the question “What’s in it for me?” for employees at all levels of the organization. When leadership repeatedly explains the tangible impact of sustainability for different stakeholders, it fosters a culture where employees understand the overall corporate context and support the company’s sustainability goals.
Additionally, leaders who actively “talk the walk” – demonstrating their commitment through action – play a key role in embedding sustainability into the company’s culture. More than four in 10 (41%) of leaders who have successfully driven urgency around sustainability did so by communicating consistently and clearly, providing a unified vision for employees to rally around.
This cultural shift also brings practical benefits, such as increased employee engagement, talent retention, innovation, and operational efficiency. By aligning sustainability with the company’s values and day-today practices, leaders create a culture of care that promotes long-term success.
Figure 19: Do the members of the leadership team consistently convey a unified message on sustainability, or do they sometimes send diverging signals?
While generally aligned, there are instances where members of the leadership team communicate diverging signals on sustainability
The leadership team consistently communicates a unified message on sustainability across all levels of the organization
The leadership team often sends conflicting messages on sustainability, which can lead to mixed perceptions
Lausanne-based Alpiq was formed in 2009 from the merger of two companies, with the aim of creating “a powerhouse for energy in Europe.” At its peak, Alpiq employed 10,000 people and generated CHF16 billion in annual revenues. However, following the divestment of its engineering services businesses, the company had shrunk to fewer than 1,300 employees and CHF 3.8 billion in revenues. Despite this downsizing, Alpiq remains a significant player in Switzerland’s energy sector, covering around 20% of the country’s electricity needs.
When Antje Kanngiesser took the helm as CEO in 2021, she faced the challenge of guiding the company through a critical period of transformation. With Europe’s energy markets shifting toward decarbonization, Antje saw an opportunity to reposition Alpiq as a leader in sustainable energy. Her leadership was marked by a strong commitment to embedding sustainability into the company’s DNA and leveraging it as a business opportunity. “The overarching mandate I have been given is to inspire and energize the company, and position Alpiq in the sweet spot of the markets,” Kanngiesser explains. “We really are operating in a very interesting environment now because energy is a growth market due to decarbonization.”
From the outset, Antje’s priority was to secure buy-in from the leadership team and Board. She made a compelling business case for sustainability, illustrating how aligning environmental and financial goals was not only essential for the planet, but also a strategic move for the company. Alpiq’s refined corporate purpose, “Together for a Better Climate and Security of Supply”, reflects this dual focus, balancing the need for reliable energy with the imperative to decarbonize. “For me, the topic of sustainability starts with climate and the environment, but it stretches beyond that. Sustainability impacts everything that we are doing,” she emphasized. “We must align our sustainability and corporate strategy. We are in a business where we need to think in longterm cycles, and we must make sure that we take our employees, our partners, and our customers along with us in our transformation.”
A key element of Antje’s leadership style has been her focus on company culture. Recognizing that Alpiq could not compete with larger energy firms on scale or cost, she saw the company’s talent and culture as its strongest assets. “We need to go about this in a very smart way because we can’t compete on scale, and we can’t compete on cost, but we can compete on talent and culture,” she explained. Antje fostered a culture of collaboration and innovation, empowering employees at all levels to contribute to the company’s transformation.
This cultural shift is and will be supported by the introduction of KPIs to measure progress on both sustainability and business objectives, ensuring that the entire company was aligned with the new strategic direction. By fostering a sense of ownership among employees, Antje created an environment where sustainability was not just an initiative but an integral part of daily operations.
Antje’s approach to leadership is grounded in pragmatism and collaboration. She understands the importance of balancing ambition with realism, recognizing that transitioning to a fully renewable energy portfolio will take time and compromise. “What is the right path for us? I am very much a realist. We can’t just suddenly turn on renewables everywhere and cut off all the other potential energy sources we still have. There will be compromises all along the way, so we need to discuss, reflect, and make the best decisions,” she explained.
When viewed through the lens of opportunity, sustainability becomes a powerful catalyst for longterm value creation, positioning companies to tap into new markets, enhance resilience, and secure competitive advantage. Leading organizations understand that embedding sustainability into their core strategy is not just about compliance – it’s about building a foundation for sustained growth and futureproofing their business in a world that increasingly prioritizes environmental and social impact.
Figure 20: How has your company approached the identification and prioritization of sustainability-related opportunities?
Proactive differentiation
Our research reveals that companies with a shared internal clarity on their sustainability strategy are far more likely to identify and seize sustainability-related opportunities. In fact, the number of companies proactively identifying sustainability opportunities rises from 62% to 76% when internal alignment is achieved (see Figure 20). These organizations recognize that sustainability presents a chance to rethink how they operate, engage with customers, and expand into new markets.
When companies view sustainability as a strategic opportunity, their approach to transformation fundamentally shifts. Instead of focusing on risk mitigation or regulatory compliance, they use sustainability to drive forward-looking decisions that position them for future success. Key areas where this shift creates value include:
1. New market opportunities: An opportunity-based approach to sustainability opens doors to new markets and revenue streams. Businesses that leverage sustainability to differentiate themselves, enhance their offerings, and tap into customer segments that prioritize environmental and social impact.
2. Long-term value creation: Companies that embed sustainability into their core strategy focus on long-term value creation rather than short-term gains. They make strategic investments that may involve higher upfront costs, but which offer significant returns over time – —whether through cost savings from resource efficiency, stronger customer loyalty, or enhanced brand reputation.
3. Futureproofing and foresight: Organizations that adopt an opportunity-driven approach to sustainability are better equipped to anticipate and respond to shifts in market dynamics, regulation, and consumer behavior. Sustainability offers a lens through which companies can build foresight, ensuring they are prepared for future disruptions. Our data shows that companies with a shared internal understanding of sustainability goals are more agile and resilient, able to pivot in response to changes while continuing to drive growth as a result of strategic foresight (see Figure 21). This ability to future-proof the business is crucial as the market landscape becomes more volatile and complex.
“We were moving toward sustainability long before regulation. We do it because it’s embedded in our core.”
– Chief Sustainability Officer, consumer discretionary
The true power of sustainability lies in its ability to unlock new forms of value creation. Rather than viewing sustainability investments as costs, companies that adopt this approach see them as strategic enablers that yield long-term benefits. These businesses are able to connect sustainability with financial performance, using it as a driver of innovation in the development of products, service offerings, and business models. Sustainability becomes a pathway to enhancing profitability, reducing operational costs, and capitalizing on emerging opportunities in both established and developing markets.
“We believe that sustainability is not only a moral duty, but also a strategic opportunity. We see sustainability as a way to differentiate ourselves from our competitors, to create value for our customers and society, and to optimize our processes and costs.”
– CSO interview
Our survey illustrates that when companies have sustainability deeply embedded in their corporate purpose, almost 88% of them state sustainability is a strategic long-term focus for their organization (see Figure 21). Only 21% of respondents say the same when sustainability is one among several key priorities. This seemingly minor difference in focus apparently makes a big difference, showing that clarity of purpose empowers businesses to act decisively, balancing both immediate returns and future opportunities.
By focusing on sustainability as a long-term strategy, companies build resilience into their operations. This not only helps them adapt to external pressures – such as regulatory changes, shifting consumer preferences, and environmental risks – but also gives them the foresight to anticipate challenges and capitalize on new trends.
In a world where sustainability is becoming nonnegotiable for consumers, investors, and regulators
alike, an opportunity-driven strategy positions companies to lead, not follow. It allows them to shape the future of their industries by embedding foresight into their decision-making processes and ensuring that sustainability drives both financial and nonfinancial value creation. Companies that embrace sustainability as a strategic opportunity are the ones that lead their industries, enter new markets, and secure long-term success, positioning themselves at the forefront of a rapidly changing global landscape.
Figure 21: To what extent do sustainability considerations feature in setting the future strategic direction of your company?
Core driver of setting strategic direction (long-term focus)
Aligned with regulatory compliance considerations
is deeply embedded within our corporate purpose
There is little input on sustainability Manage risks effectively
Manage current trade-offs in favor of a stronger strategic focus for long-term success
in point
Lombard Odier, founded in 1796, has long been at the forefront of sustainable finance. With a forwardlooking mindset, it adopted ESG metrics as early as 1997 and achieved B-Corp certification in 2019, solidifying its commitment to sustainability. Lombard Odier views sustainability not merely as a regulatory necessity but as a strategic opportunity for unlocking long-term value. As the world transitions to a more sustainable future, the firm sees substantial growth potential in areas like electrification, materials innovation, and nature conservation, aligning its investments to capitalize on these emerging trends.
“For Lombard Odier, being a sustainable business means being a responsible business that takes into consideration all the different kinds of impact we have on the world around us. That includes our staff, our clients, our local community and the environment, across the generations.”
–
Ebba Lepage, EVP and Head of Corporate Sustainability
At the heart of Lombard Odier’s approach is the CLIC® economy framework – Circular, Lean, Inclusive, and Clean – which guides their investment strategy. The framework is designed to drive systemic change while also uncovering the untapped value of sustainable markets. By focusing on reducing waste, optimizing resources, and creating more efficient, sustainable systems, Lombard Odier aims to unlock trillions in value across various industries. For example, a ton of e-waste alone contains 17 times the amount of gold as found in a ton of raw ore, representing significant opportunities in recycling and material reuse. Furthermore, the rise of the sharing economy and renewable energy offers massive growth potential, with the transition to renewable energy often costing less than traditional fossil fuels.
The firm’s opportunity-driven mindset also highlights that the climate transition is not only essential for the planet but a major economic catalyst. The electrification of economies, where 70% of energy demand will come from electricity by 2050, along with advancements in carbon pricing, will drive growth and create entirely new business models. Lombard Odier expects this transformation to fuel a massive reallocation of capital, similar in scale to the digital revolution.
Lombard Odier leverages proprietary tools like the Sustainability Thermometer and Implied Temperature Rise (ITR) metrics to guide its investments. These tools help the firm assess not only companies that are already green but also those with strong plans to transition to sustainability. As Ebba Lepage, EVP and Head of Sustainability, emphasizes, “You cannot only invest in companies that are Green today. You need to invest also in those that have the plan to get there.”
One of the firm’s key principles is that the opportunities presented by the climate transition outweigh the risks. For example, the energy transition alone is expected to generate over CHF 3,800 bn in global annual investments over the next decade. These investments are already reshaping industries like energy, manufacturing, and transportation, offering Lombard Odier’s clients an opportunity to be at the forefront of this massive economic shift.
Lombard Odier’s opportunity-oriented strategy allows the firm to not only generate strong returns but also drive systemic change. By aligning its portfolio with the CLIC® economy and the climate transition, the firm is well-positioned to capture new profit pools while contributing to the long-term sustainability of industries globally. This proactive stance ensures that Lombard Odier’s clients are part of a financial strategy that is both profitable and future-proof, making the case that sustainability will drive returns for the next generation of investors.
Sustainability transformations cannot succeed without financial backbone – and that’s where the Chief Financial Officer (CFO) becomes indispensable. Half of survey respondents agree that the CFO is responsible for allocating the financial resources for sustainability initiatives (see Figure 22). Surprisingly, we find a lack of strategic engagement of CFOs in organizations’ sustainability agendas. Yet, those that do see remarkable improvements: organizations with CFO involvement score significantly higher in both strategy and execution, ensuring sustainability becomes a business driver, not just a cost center.
With increasing regulatory pressures, such as the Corporate Sustainability Reporting Directive (CSRD), the CFO’s role is now pivotal in scaling sustainability efforts. Engaging the CFO early ensures that sustainability is integrated into core financial planning and reporting, translating bold ambitions into measurable outcomes. Without this strategic alignment, sustainability teams can be overburdened by reporting requirements, leaving valuable opportunities for growth untapped.
The impact of CFO engagement on sustainability transformations
When CFOs are integrated into the sustainability transformation from the outset, the business case for sustainability becomes more robust, measurable, and actionable. CFOs bring financial rigor to the table, ensuring that sustainability strategies are stress-tested for both commercial viability and long-term value creation. Our research demonstrates that companies with CFOs involved in setting the strategic direction of sustainability score much higher on key metrics – 7.68 for strategy and 7.09 for execution – compared to those where the CFO plays a more reactive role (6.38 and 6.19 respectively, see Figure 23).
This early engagement also improves resource allocation and KPI setting, two critical aspects of successful sustainability execution that many companies struggle to get right (see Figure 24). CFOs help to ensure that sustainability investments are aligned with the company’s financial goals, making it easier to balance short-term trade-offs with long-term gains.
A strong collaboration between the CSO and CFO transforms the way companies approach sustainability. When the CSO-CFO partnership is well-established, it bridges the gap between sustainability ambitions and financial execution, leading to two core advantages:
1. Quantifying the business case for sustainability: CFOs, with their deep understanding of the company’s financial framework, help translate sustainability initiatives into quantifiable value. This doesn’t always mean showing a direct return on investment (ROI) for every sustainability initiative – but it does mean presenting sustainability as a driver of long-term value, whether through cost savings, risk mitigation, or new revenue streams. When CFOs are fully onboard, it boosts confidence among Boards and investors, creating stronger support for the company’s sustainability transformation.
Figure 23: Scores when CFOs are involved at a strategy level
Aggregate Average
Q12(CFO - not selected)
Q12 (CFO involvement-strategy level)
2. Embedding sustainability into performance metrics: CFOs play a crucial role in ensuring that sustainability KPIs are integrated into the overall performance metrics of the company. Our study shows that when CFOs and CSOs work collaboratively, sustainability reporting and measurement frameworks are more robust. The CFO relies on the CSO’s expertise to identify and implement the right metrics for quantifying sustainability initiatives. The CSO benefits from the CFO’s involvement, turning sustainability from a well-intentioned ambition into a tangible execution process, supported by relevant KPIs. Such robust KPIs make it easier to track progress and ensure that the company is on course to meet both financial and non-financial targets.
Figure 24: Execution scores
Aggregate average
Q12 (CFO involvement-strategy level) Q12(CFO - not selected)
“In today’s business environment, the CFO and Chief Innovation and Sustainability Officer must work together to ensure that the company’s growth and performance is both responsible and resilient. By aligning financial priorities with sustainable innovations, they drive forwardlooking strategies that benefit the company and society.”
–
Patricia Heidtman, Chief Innovation and Sustainability Officer, SIKA
Organization structure and execution responsibilities
(tech and business model)
KPIs and incentives
This collaboration also helps foster a shared sense of responsibility between finance and sustainability teams. As the CFO and CSO work together, sustainability goals become more actionable, with clearer pathways for achieving them. This partnership ensures that the sustainability agenda isn’t seen as a standalone initiative but as a core component of the company’s broader financial and operational goals.
“The finance department now has to play a vital role in our sustainability strategy. For the very first time, we can connect every euro of revenue to technical sustainability data at the product level.”
– Nadine Sterley, CSO, GEA Group
The alignment between CFOs and sustainability leaders is particularly crucial given the growing regulatory pressures around sustainability reporting. CFOs are now responsible for ensuring compliance with increasingly stringent regulations, covering complex topics such as carbon emissions, biodiversity impacts, and supply chain sustainability. These reporting obligations push CFOs to play a more active role in sustainability strategy, as nonfinancial performance becomes a key expectation from investors and stakeholders. One of our CSO interviewees pointed out:
“The growing reporting obligations help engage the CFO more because they are obviously 100% focused on ensuring we meet investor expectations. Today, this includes delivering on non-financial, sustainability-led performance measures as well.”
– Head of Sustainability Strategy, fragrance company
In companies where CFOs are engaged from the start, sustainability becomes tightly integrated into both financial and non-financial reporting. This ensures not only compliance but also transparency, building trust with investors, regulators, and stakeholders.
The collaboration between sustainability and finance ensures that sustainability initiatives are well-resourced, aligned with business priorities, and measured for impact, leading to better overall outcomes. Our case in point (below) demonstrates how finance and sustainability teams can work together to prioritize the sustainability transformation.
Lindström, a Finnish textile services company, has a long-standing commitment to sustainability, offering a range of services that emphasize circularity and resource efficiency. The company’s leadership recognizes that financial and sustainability strategies must go hand in hand to drive long-term success. Under the leadership of CFO Petri Vapola and Senior Vice President of Strategy and Sustainability, Kati Pallasaho, Lindström has integrated sustainability into its core business operations, aligning financial and environmental goals to create a more resilient and future-focused organization.
The partnership between finance and sustainability is essential for ensuring that the company can quantify and manage the risks and impacts of its sustainability initiatives. As Pallasaho noted: “I told him [the CFO] that he is going to be my new best friend when it comes to sustainability because he will help me quantify the risks or the impact of the actions we need to take.” This close relationship between finance and sustainability demonstrates how aligned leadership can drive effective decision-making and resource allocation in support of long-term sustainability goals.
Vapola’s leadership has led to key organizational changes, including the introduction of a dedicated sustainability controller within the finance team. This role ensures that sustainability data is integrated into financial reporting and decision-making processes. Vapola explains:
“Finance has a key role to play here in ensuring that all fact-based things like the data and the reporting work as they need to. We must be able to trust the data and utilize it to make the right decisions.”
The sustainability controller, as part of a crossfunctional team, works across departments to ensure that sustainability goals are met, without adding layers of bureaucracy.
Under Vapola’s guidance, Lindström has also addressed concerns about short-term profitability versus long-term sustainability investment. He acknowledges that sustainability initiatives may impact short-term profitability but stresses that the cost of inaction would be far greater. “It is clear that to not do anything would be to have a worse situation in the future,” Vapola remarked, reinforcing his belief that sustainability is a key driver of the company’s future success. To mitigate concerns about financial impacts on bonuses or incentives, Lindström has excluded the performance of sustainability investments from short-term bonus calculations, encouraging decision-making based on long-term value creation rather than immediate financial returns.
By fostering a culture of collaboration between finance and sustainability, Lindström has not only strengthened its commitment to sustainable business practices but also positioned itself to navigate the evolving demands of corporate responsibility with confidence and resilience.
In any transformation, what gets measured gets done – and sustainability is no exception. Incorporating sustainability into business metrics is a powerful driver of transformation, yet only 13% of companies in our survey have taken a comprehensive approach to fully integrating sustainability into their core KPIs. These trailblazers are not just setting sustainability goals – they’re embedding them into the way they measure success. The result? Companies that have revisited and updated their KPIs to include sustainability are consistently ahead in executing their sustainability strategies, resource allocation, and overall transformation (see Figures 25 and 26).
For most organizations, though, 67% of respondents report that sustainability performance measures are either not fully integrated, not operational, or simply not part of the organizational KPIs at all (see Figure 27). Without updating these metrics, sustainability remains a side initiative rather than a strategic lever for growth.
Figure 25: How, if at all, have the organizational KPIs changed as a result of sustainability transformation?
All organizational KPIs have been reviewed and include sustainability related measures where possible
New sustainability related KPIs have been introduced to complement the existing KPIs
Some existing KPIs have been updated for sustainability
Figure 26: Scores when companies update all KPIs
Aggregate average Q27 ( ALL KPIs updated)
Figure 27: Are there established mechanisms across the company to track sustainability performance? Strategy
and culture
Organizations that integrate sustainability KPIs throughout their business are making real progress in turning sustainability ambitions into tangible outcomes. Companies with integrated KPIs are notably further along their transformation journey, successfully linking sustainability goals with broader business performance. These companies report higher scores in execution – particularly in areas such as resource allocation and setting effective, actiondriven KPIs (see Figure 28).
Figure 28: Execution scores
Aggregate average Q27 ( ALL KPIs updated)
Innovation (tech and business model)
By incorporating sustainability metrics into performance tracking, these companies ensure that sustainability objectives are not siloed. Instead, they become central to P&L tracking and, as a result, these organizations are better positioned to prioritize sustainability alongside financial outcomes. For example, companies that include sustainability in their core KPIs report a much stronger alignment between leadership’s vision and the day-to-day execution of sustainability initiatives, thereby driving internal traction and tangible progress.
Organization structure and execution responsibilities
KPIs and incentives
Resource allocation
Effective KPIs are clear, measurable, and aligned with the broader business strategy. A good KPI links sustainability efforts to financial performance, ensuring that initiatives like reducing emissions or improving energy efficiency also translate into cost savings or risk mitigation. KPIs should be trackable and specific, such as increasing the percentage of sustainably sourced materials to a set target within a defined timeframe, providing accountability and visibility into progress. Moreover, strong KPIs balance both short- and long-term goals – such as achieving immediate reductions in resource usage while working toward ambitious targets for 2030 – ensuring continuous improvement and future resilience.
1. Future-focused: Effective sustainability KPIs are not just backward-looking measures of past performance – they are future-oriented, designed to track progress toward long-term targets like emissions reductions and net-zero goals. The best KPIs outline a clear path for the years ahead, ensuring the company stays on track to meet ambitious objectives.
2. Prioritized and material: Companies that lead in sustainability know that quality matters more than quantity when it comes to KPIs. Instead of tracking a wide range of metrics, they focus on a few high-impact KPIs that are tightly aligned with their material issues; the areas most critical to their business and stakeholders. This focused approach prevents contradictions in reporting and strengthens the company’s strategic narrative.
3. Integrated with business strategy: The most effective sustainability KPIs are deeply embedded into the company’s overall business strategy. They don’t exist in isolation; instead, they directly influence and are influenced by the company’s financial and operational goals. When sustainability KPIs are linked to core business drivers, such as reducing emissions within the contexts of overall cost-cutting or improving efficiency, they ensure that sustainability is valued, measurable and integral to long-term business success.
“Sustainability
KPIs are more impactful when they can be directly integrated into the core strategic business decisions and performance measurement. KPIs should be connected to sustainability materiality, well defined, comparable over time, and verifiable, in order to drive meaningful performance management.”
– Jennifer Motles, CSO, PMI*1
1 Philip Morris International is headquartered in Stamford, Connecticut, USA. However the company’s Operations Center is in Lausanne Switzerland and has operations and commercializes its products in the European Union. Given this footprint, they have been considered in scope the EU report.
By revisiting success metrics, companies are able to transform sustainability from an ambition into actionable outcomes. The 13% of companies that have fully integrated sustainability into their KPIs are driving real transformation. They have improved their resource allocation, are better at linking financial resources to sustainability efforts, and report far higher execution scores (see Figure 28). This integration provides a clear path for turning sustainability into a core driver of business growth, rather than a standalone project.
Moreover, companies with robust sustainability KPIs report stronger cultural shifts – their employees are more engaged, leadership prioritizes long-term value over short-term gains, and they foster bottom-up innovation. This alignment makes sustainability a fundamental part of how the business operates and creates value (see Figure 29).
For companies that revisit and update their KPIs, the potential is enormous. Not only does this process enable them to track progress effectively, but it also motivates internal teams, builds investor confidence, and improves decision-making. In essence, this is about embedding sustainability into the heart of the business, allowing companies to deliver measurable progress on sustainability goals.
Phillip Morris International (PMI) established a sustainability index on the basis on their sustainability materiality assessment in 2021. The sustainability index directly connects their 2025 roadmap to specific performance indicators, in three-year cycles. The KPIs in this index are used to ensure clear measurement and track progress toward their sustainability aspirations. Each KPI in the index is well-defined, supported by an internal KPI standard, annual targets, and performance ranges have been established.
The sustainability index is also linked to long-term executive compensation. This concrete methodology ensures that PMI can track progress in a structured way toward their 11 roadmap goals for 2025. The index is reviewed on an annual basis by the Board to ensure consistency with materiality, strategy, and alignment with external reporting frameworks. For example, while the 2023-2025 Sustainability Index retains a KPI measuring progress toward achieving Scope 3-related ambitions, the KPI used has been replaced to align with PMI’s recently introduced Forest, Land and Agriculture (FLAG) science-based targets (SBT) which measures absolute GHG reductions for Scope 3 in agriculture.
To track progress on the company transformation toward becoming a smoke-free business, they have introduced a set of bespoke business transformation metrics. Over the years, in response to stakeholder feedback and to increase transparency around business transformation, the number of metrics had significantly expanded. In 2022, this expansive set of metrics was reviewed, using the same rigorous evaluation process that helped the company select KPIs for their sustainability index, with the aim of having metrics that were relevant, measurable, comparable and verifiable.
The number of Business Transformation Metrics was reduced from 28 to 15, allowing a KPI-driven focus on the aspects that best assess the impact of the transformation on consumers, product availability, and the changing product portfolio. The 2023–25 Sustainability Index was also suitably updated to reflect their revamped business transformation aspirations.
This focused and structured approach clearly signifies a commitment to transforming the company, aiming to base success on a future where it no longer makes or sells cigarettes. The company’s statement of purpose, strategic roadmap, and sustainability index ensure that employees and external stakeholders can see the shift in strategy as purposeful and long-lasting.
Figure 30: Business transformation metrics (IR-2023)
Source:
Proportion
While visionary leadership at the top sets the direction, it is middle managers who turn sustainability ambitions into reality. The engagement of this layer of management is crucial to the success of any sustainability transformation because they are the ones who operationalize strategy and ensure it is embedded in the daily workings of the organization. Despite this, even for companies with a shared leadership vision, only 33% of mid-level managers are currently engaged in sustainability initiatives (see Figure 31), representing a massive untapped opportunity for companies to drive meaningful change.
Q: Is there a common understanding of the company’s sustainability strategy internally?
Middle management translates the sustainability ambition into specific actionable plans for each team/ department/business line
Senior management has established a clear strategic direction for sustainability and allocated relevant human and financial resources
The crucial role of middle management in sustainability
Mid-level managers are uniquely positioned to bridge the gap between leadership’s vision and the operational processes that sustain day-to-day business activities. When they are empowered to take ownership of sustainability efforts, they ensure that sustainability becomes embedded in operations, not just a top-down mandate. One leader in our study reports that, when mid-managers are empowered, “It all fits together. It’s harmonious, and you can explain it to everybody, and each person contributes to our company’s overarching goals.” Companies that engage middle management in sustainability report better execution of sustainability initiatives and stronger effects on corporate culture, as the mid-manager’s mindset links with and supports the leadership team’s sustainability vision. (see Figure 32).
Figure 32: Middle management involvement improves execution and culture when there is a clear understanding of the sustainability strategy
Aggregate average
Lack of clarity internally + mid management involvement
Common understanding internally + mid management involvement
Common understanding internally + senior management involvement
and
Engaging mid-management leads to clear improvements in the way sustainability is integrated into core business functions. These managers have deep operational insights, allowing them to break down ambitious goals into practical steps that can be applied across departments. This operational expertise ensures that sustainability isn’t treated as an ’add-on’, especially in areas like resource allocation and innovation, where the involvement of these managers drives measurable progress.
“Sustainability implies a mindset transformation, and this process requires both leadership and guidance to develop an understanding of the individual contribution to the transformation.”
– Division head, finance industry
Fostering accountability and ownership
One of the greatest opportunities that comes from empowering middle management is the sense of accountability it creates. When middle managers are responsible for defining and meeting sustainability KPIs, they develop a sense of ownership toward the company’s sustainability performance. This significantly increases commitment and engagement at the operational level. One leader in our study reports: “Here in our senior leadership, we frequently stress the importance of defining the 'what' and the 'why.' We then trust the organization to take responsibility and determine the 'how’.” Our data shows that organizations where middle managers take responsibility for sustainability see an improvement in sustainability execution scores compared to those where sustainability remains in the hands of senior leadership alone (see Figure 32).
Furthermore, involving mid-level managers in setting KPIs helps ensure that sustainability targets are not
only ambitious but achievable. Mid-management engagement ensures that these KPIs are tailored to the operational realities of the business, allowing for a more realistic and actionable approach to meeting sustainability goals. This level of involvement turns sustainability into a shared responsibility across all levels of the organization, driving more cohesive and aligned efforts toward sustainability objectives.
Middle managers are at the heart of operational innovation. Their hands-on role in the business means they are well-positioned to identify opportunities to improve efficiency, reduce waste, and integrate sustainability into everyday operations. When middle management is empowered to contribute to sustainability strategies, the company benefits from a wealth of operational knowledge that leads to creative and effective solutions.
Companies that engage middle managers in sustainability planning report more frequent bottomup innovations, where managers and their teams develop practical ways to meet sustainability goals without sacrificing operational efficiency. This kind of grassroots innovation is particularly valuable in creating agile responses to sustainability challenges, as mid-level managers can quickly adjust processes and identify areas where sustainability efforts can be improved.
For example, organizations with active middle management engagement show a clear increase in innovation scores related to sustainability (see Figure 33). This reflects how empowering this layer of leadership fosters an environment where operational teams are not just following directives but are proactively finding solutions to improve sustainability performance.
Aggregate average Common understanding internally + mid management involvement Common understanding internally + senior management involvement
Organization structure and execution responsibilities
Innovation (tech and business model)
KPIs and incentives Resource allocation
Breaking down silos and encouraging collaboration
Middle managers naturally work across functions, making them key players in breaking down silos that often hinder sustainability efforts. By engaging them in sustainability initiatives, companies create more cross-functional collaboration, aligning departments – like operations, finance, and procurement – around shared sustainability goals. This collaborative approach ensures that sustainability is integrated across the entire organization, rather than isolated in individual departments.
“All major stakeholders are included in executing sustainability, allowing us to discuss various topics. When something is off track, we ask how we can improve, identify the root cause, and determine what actions are needed to correct it. While this often involves escalation, we also meet regularly to discuss other matters, such as operationalization, budgeting, and internal financing. Thus, it’s a collaborative effort involving all relevant stakeholders.”
– CSO, manufacturing company
In companies where middle management plays an active role in sustainability execution, there is a noticeable improvement in resource allocation and the ability to scale successful sustainability practices across the business. By involving middle managers, organizations can better align their resources across both sustainability and business objectives, ensuring that sustainability efforts are well-coordinated and impactful (see Figure 33). When middle managers are fully engaged in sustainability, they become powerful advocates for cultural change. Employees look to their managers for guidance, and when middle managers champion sustainability, it becomes a priority at all levels of the organization. This leads to greater employee engagement, with staff members more likely to take ownership of sustainability efforts and contribute to the company’s overall sustainability goals.
Companies that successfully engage middle management in sustainability report stronger employee buy-in and a more enthusiastic workforce. This bottom-up engagement creates a culture where sustainability isn’t just a strategic objective, but a dayto-day priority for everyone in the organization.
In June 2023, Bayer launched the Dynamic Shared Ownership (DSO) model as a powerful strategy to actively engage mid-level management in the company’s sustainability transformation. Often overlooked in large-scale transformations, midmanagement plays a critical role in bridging leadership vision and frontline execution. DSO at Bayer is designed to address this gap, empowering mid-management with greater responsibility, agility, and ownership in driving both economic performance and sustainability goals.
Adopting a DSO model represents a key shift for Bayer, reducing bureaucratic layers and fostering collaboration and innovation across the organization. Bayer’s sustainability governance structure, which includes leadership teams, external councils, and divisional committees, is further strengthened by giving mid-management an active role in crossfunctional projects. Through 60 or 90-day cycles, teams work collaboratively, sharing ownership and setting joint priorities, thereby enhancing focus and speeding up decision-making.
One example of this approach started in January 2024, when Daniel Schneiders, Director of Climate Program, initiated a six-month cycle to develop a climate transition plan – a project that would typically take a year. The transition focuses on Bayer as a company and the commitments they made. The transformation goes beyond the corporate boundaries and puts Bayer’s business areas at the center. By setting June 2024 as the target completion date, Bayer’s climate team aimed to fast-track progress while maintaining focus. This new approach allowed for quick, efficient momentum, as the team was able to dive deeply into specific areas over short, focused sprints. By April, Schneiders reported substantial progress, with only some financial discussions remaining.
The team worked closely with the business functions to identify which areas of the business have already transformed the portfolio for the future. The project exemplified how midmanagement, empowered by the DSO model, could drive significant progress on sustainability initiatives while maintaining agility and focus.
“Currently, I am quite optimistic about the support we have here. On the one hand, Dynamic Shared Ownership benefits the entire company, and there is also strong support for sustainability. We have always worked closely with all our colleagues across the company, but things are moving faster now due to the enhanced commitment to being quick and focused on priorities.”
– Daniel Schneiders, Director Climate Program
The internal benefits of DSO are significant: midlevel managers feel more empowered and engaged, driving a culture of innovation. This approach allows for quicker execution of sustainability initiatives, while fostering a stronger sense of involvement and responsibility across all levels of the company.
Externally, the DSO model enables Bayer to better meet market demands by delivering faster, more efficient solutions, improving competitiveness, and customer satisfaction. This model demonstrates Bayer’s ability to adapt to change while driving sustainable growth.
By placing mid-management at the heart of its sustainability transformation, Bayer shows that engaging this critical, yet often -overlooked, group is crucial for maintaining sustainability as an integral part of everyday business operations. DSO is proving to be an effective tool to ensure that the company’s sustainability ambitions are shared and executed across all levels, strengthening Bayer’s corporate culture and its pursuit of long-term sustainability goals.
Once the foundational elements of sustainability are in place, companies that want to lead must focus on the advanced drivers that truly set top performers apart. Our research shows the organizations excelling in sustainability not only have the basics covered, but also leverage these accelerators to gain a competitive edge and position themselves for long-term success. These accelerators – digital leverage, innovation, and ecosystem play – are what distinguish the leaders from the rest, enabling them to scale their sustainability efforts and create transformative impact.
Digital transformation is no longer just a tool for operational efficiency; it’s a powerful enabler of sustainability. While many companies are still struggling to fully integrate digital solutions into their sustainability efforts, the leaders who do are setting themselves apart. Although only one-third of companies in our research currently use digital technologies to support sustainability goals, those that do are leveraging technology to supercharge their progress, positioning themselves as agile, resilient, and future-ready in a rapidly changing market.
The convergence of digital technology and sustainability offers companies an unparalleled opportunity to scale their environmental impact while driving business growth (see also Capgemini’s “The world in balance 2024” report). Generative AI can help in advancing decision-making related to sustainability and improve efficiency, leading to sustainable outcomes. Digital tools – like data analytics, AI, and real-time monitoring – allow businesses to gain insights that were previously out of reach. Digital technologies have helped organizations mitigate their environmental footprint, such as reducing travel and increasing collaboration through Augmented Reality and Virtual Reality (AR/VR) tools.
Digital tools such as “as-a-service” models enable circularity by allowing users to extract value from products before returning them for renewal. Digital technologies can also enable a sharing economy which again reinforces circularity. Furthermore, technologies such as radio frequency identification (RFID), blockchain and the Internet of Things (IoT) can enhance circularity strategies like dematerialization and designing for product durability, repairability, modularity, recyclability, and recoverability.
By deploying these technologies, companies transform sustainability from a high-level ambition into a measurable, actionable reality. Our research shows that companies prioritizing both digital and sustainability transformations are far ahead of their peers. By using digital platforms to gather and analyze environmental data, for example, these organizations optimize resources, reduce inefficiencies, and embed sustainability into everyday decision-making. They are also better positioned to meet both internal goals and external demands, accelerating their sustainability journey far beyond those that have not embraced a digital pivot.
But the gap is clear: more than three quarters (67%) of companies still struggle to fully utilize digital tools for sustainability tracking and improvement (as seen in Roadblock 4: Small-scale thinking). These organizations are missing out on the critical insights that digital technology can provide – insights that enable companies to not only meet, but exceed their sustainability goals.
For top performers, digital leverage is not just about tracking progress – —it involves using data to drive innovation and create competitive advantage. Companies embracing digital technologies are reimagining their entire business models, moving from incremental improvements to breakthrough innovations. With access to vast amounts of data, these organizations are developing new, sustainable products and circular economy models that address both environmental challenges and market demands.
In fact, companies that have fully integrated digital platforms into their sustainability strategy report a sharp increase in innovation capabilities (see Figure 34). These firms are developing cutting-edge solutions that not only reduce their environmental impact, but also give them a competitive edge in a marketplace that increasingly values sustainability.
Whether through real-time data insights that allow for faster decision-making, or predictive analytics to mitigate supply chain risks, these organizations are using digital tools to stay ahead of regulatory requirements and consumer expectations.
Take supply chains as an example: companies with advanced digital platforms are creating transparent, traceable supply chains that ensure sustainability at every stage – from sourcing raw materials to delivering finished products. These firms aren’t just meeting sustainability standards; they’re setting new benchmarks, innovating in ways that transform their businesses and industry practices. By leveraging technology, they are able to adopt circular business models, minimize waste, and drive profitability while reducing their environmental footprint.
Figure 34: To what extent has your organization embraced digital technologies in sustainability transformation?
We have programs to reduce the negative sustainability impacts of our technology portfolio, i.e. reduce tech waste, limit power usage
We have replaced many of our physical processes with digital alternatives, i.e. process automation
We use data and digital technologies to create innovative products and services that are aligned with our sustainability strategy
We use digital technologies to drive sustainable business decisions within specific areas such as procurement, manufacturing, etc.
We do not currently use digital technologies to support our sustainability transformation
The ability to make real-time, data-driven decisions is one of the greatest advantages of digital leverage. Companies that integrate digital platforms into their value chains gain full visibility into the environmental and operational impacts of their decisions. From optimizing resource allocation to managing carbon emissions, these organizations can dynamically adjust their strategies to respond to emerging challenges and opportunities.
“To drive sustainability, be it to optimize energy consumption, reduce waste
or water consumption, provide traceability
and drive circularity we need real-time dynamic data sets. This requires a step change in digitalization of supply chains.”
– Ian Roberts, CTO Bühler
Our data highlights that companies using digital insights in decision-making not only outperform their peers but are also more prepared for future regulatory shifts. Predictive analytics enables these companies to anticipate risks, manage supply chain disruptions, and optimize sustainability efforts in real time. Furthermore, this level of digital sophistication allows companies to align their sustainability efforts more closely with their financial goals. By automating sustainability reporting and linking environmental metrics to financial outcomes, businesses can ensure that sustainability becomes a core driver of business performance. The result is not only enhanced sustainability outcomes, but also greater operational efficiency, better compliance, and improved profitability.
Another transformative effect of digital leverage is the way it enables companies to collaborate across their ecosystems. Digital platforms allow organizations to share data and align with suppliers, partners, and customers in ways that enhance sustainability across the value chain. By establishing real-time data flows with upstream and downstream partners, companies create transparent, traceable systems that reinforce sustainability at every stage.
Companies that adopt an ecosystem approach to digital leverage are building more resilient, sustainable supply chains, aligning efforts with their partners, and responding more swiftly to external challenges. This collaboration also enables firms to meet the growing demand for supply chain transparency – a critical requirement in a world where consumers and regulators expect detailed insights into the origins and sustainability of products.
Our study highlights that companies adopting an ecosystem approach with digital tools report significantly higher levels of supply chain resilience and innovation capacity. For instance, our interviews revealed that companies using digital technologies for ecosystem collaboration, such as through the Catena-X network, achieve far greater transparency and capacity for innovation. Catena-X, an open data ecosystem in the automotive industry, allows participants to share sustainability and operational data across companies, creating a network effect that multiplies the impact of sustainability initiatives and supports the alignment of new standards across the industry.
At Siemens, the core of their sustainability strategy lies in merging the real and digital worlds to scale sustainability impact. By harnessing the power of digitalization and automation, Siemens transforms not only its own operations but also enables its customers to reach their climate and sustainability goals. This combination of digital twin technology, real-time data, and advanced simulations allows Siemens to optimize processes and improve resource efficiency across industries.
Internally, Siemens has taken significant steps to lead by example. As Eva Riesenhuber, Global Head of Sustainability, noted:
“We are actively transitioning to a more sustainable footprint by upgrading our buildings, production, and fleet toward net zero.”
Through digital tools and automation, Siemens is driving down energy consumption and improving the resource efficiency of its own operations, showing how technology can play a pivotal role in sustainability efforts.
However, Siemens’ impact extends far beyond its own operations. By combining digitalization with sustainability, Siemens enables its customers to become sustainable Digital Enterprises, helping them decarbonize, reduce waste, and meet their climate targets. With the Siemens Xcelerator platform,
companies can accelerate their digital transformation. The use of digital twins – virtual replicas of their realworld products or processes – allows companies of all sizes to simulate what-if scenarios and thereby optimize energy use and save materials. This helps industries reduce emissions while staying profitable.
One standout example is the SimRod, an electric vehicle that uses real-world data to update its digital twin continuously. By doing so, Siemens engineers reduced the weight of key components by 30%, cut prototyping costs by up to 40%, and improved overall performance. This seamless flow of data between the real and digital worlds allows manufacturers to optimize their products and processes in ways that weren’t possible before.
As Riesenhuber explained: “The core levers are technology and digitalization. By combining the real and digital worlds, we transform ourselves and empower our customers to become more competitive, resilient, and sustainable.” Through this approach, Siemens improves both its internal operations and also helps its clients in various sectors decarbonize, increase resource efficiency, and meet their sustainability goals.
By fusing digital innovation with sustainability, Siemens is leading the way in showing that digitalization is essential to accelerate sustainable business transformation and creating a future where industries can thrive while reducing their environmental footprint.
Innovation has become a powerful accelerator for companies that strategically embed sustainability into their core operations. Leading organizations are not just making minor adjustments – they are future-proofing their businesses by focusing on nascent markets, developing new revenue streams, and taking bold steps to lead in emerging sectors driven by sustainability. These companies are using innovation to position themselves ahead of competitors, ensuring that their business models, products, and services are aligned with future market demands and regulatory shifts.
Cross-functional innovation as a catalyst for change
At the heart of the power of innovation lies collaboration. Our research shows that nearly three quarters (73%) of companies report the most
Figure 35: How would you rate the effectiveness of these internal governance mechanisms?
progress in sustainability when driven by crossfunctional teams or committees (see Figure 35). By breaking down silos and encouraging collaboration across departments, these companies create an environment where innovative solutions can flourish.
Companies that integrate cross-functional management into their innovation processes are also better able to develop sustainable value propositions and new business models. Our data shows that more than a third (36%) of organizations already see their innovation function actively collaborating across the business to drive sustainable solutions, while another 32% rely on cross-functional teams to identify new technologies and market opportunities (see Figure 36). This kind of collaborative innovation not only accelerates progress but also ensures sustainability becomes deeply embedded across all levels of the company.
Senior management has established a clear strategic direction for sustainability and allocated relevant human and financial resources
There is a cross-functional sustainability committee consisting of management that is responsible for implementing sustainability transformation and monitoring progress
Middle management translates the sustainability ambition into specific actionable plans for each team/department/business line
Employees have clearly defined accountabilities to enact sustainable transformation
Figure 36: How well does the innovation function support the company’s sustainability transformation?
32%
Cross-functional teams work together to drive sustainability innovation
Active engagement across the organization to innovate and develop new business models and sustainable value proposition(s) 36%
Moving from incremental adjustments to scaling breakthrough innovations
While many organizations focus on incremental changes, such as tweaking existing processes, the real opportunity – and challenge – lies in radical innovation. Leading companies are pushing the boundaries of what is possible by rethinking their entire business models around sustainability. These firms are moving beyond superficial adjustments and embracing circular and regenerative models that fundamentally alter how they create and deliver value.
Our research reveals that companies recognized as leaders in sustainability are significantly more likely to adopt substantial business model changes, with 46% of these top-performing organizations report making fundamental modifications to their business models to align with sustainability, compared to only 15% of companies overall (see Figure 37). This shift toward bold, transformative innovation is what sets these leaders apart, allowing them to meet ambitious sustainability goals while staying ahead of industry trends.
Figure 37: Has your company introduced new business models as part of its sustainable transformation?
48% 18% 18% 15%
One of the key differentiators for these leading companies is their focus on scaling innovation. Moving beyond pilot projects and incremental improvements, these firms strategically assess the scalability of their breakthrough innovations. They prioritize solutions that can be implemented across multiple regions, product lines, or functions, enabling them to capture more significant value and impact. This mindset not only drives broader adoption of sustainability initiatives but also ensures these innovations contribute to long-term business growth.
We have explored and incorporated sustainable practices into certain aspects of our existing business models
Our sustainable transformation has led us to develop entirely new business models that align with our sustainability objectives
Our sustainable transformation has not yet resulted in the introduction or modification of any business models
We have made substantial modifications to our existing business models to better align them with our sustainability goals
For Decathlon, circular business model innovation is central to its strategy to achieve both its sustainability and business growth targets. The company has set a bold goal to grow its circular business models –such as second-hand sales, rentals, and repairs – by 10 times, positioning circularity as a key lever for environmental sustainability and business success.
As Anna Turrell, Chief Sustainability Officer at Decathlon, explained: “Circularity is not only about our sustainability strategy. We also see a market, or even markets.” With circular sales already exceeding €400m in just 18 months – marking a 100% year-onyear increase – Decathlon is already seeing significant growth from these models. The company recognizes that driving innovation in circularity is essential to transforming its business in a way that balances economic growth with environmental responsibility.
This aligns directly with Decathlon’s North Star Strategy, which targets a 20% reduction in CO2 emissions by 2026. Circular business models are key to achieving this transformation by extending product lifecycles, reducing waste, and creating sustainable growth opportunities. As Turrell put it, “We’re going from a place where you can turn up to a Decathlon store and buy products to renting and returning old products so that someone else can enjoy them.”This shift represents a fundamental transformation in how Decathlon engages with its customers and delivers value through circularity.
The company sees this innovation as a critical part of a sustainable business transformation. As Turrell reflected:
“Circularity
plays an important decarbonization role, but it’s also a growth lever for the company and a profitability lever.”
For Decathlon, sustainable innovation is not just about reducing its carbon footprint; it’s about leading the future of retail by aligning sustainability with long-term financial performance, ensuring that circular business models drive both profitability and positive environmental impact.
One of the most impactful ways that companies are driving sustainable innovation is through ecosystem collaboration. Engaging with external partners – whether suppliers, customers, or communities – unlocks new perspectives, ideas, and solutions that internal teams alone may not have considered. Companies that take this ecosystem approach to innovation are better positioned to solve complex sustainability challenges in a holistic way.
By involving suppliers in the innovation process, companies can co-develop more sustainable sourcing strategies, minimizing environmental impacts throughout the supply chain. For example, Siemens, based in Germany, collaborates with suppliers and customers through its Siemens Xcelerator platform to innovate in areas like energy efficiency and smart infrastructure. This platform enables Siemens to engage its ecosystem in developing digital solutions that enhance sustainability, reduce energy consumption, and optimize industrial processes, consequently driving more sustainable practices across industries.
Weleda, a pioneer in natural and organic cosmetics, integrates innovation directly into its ecosystem collaborations by working closely with local farmers to develop sustainable agricultural practices. In Romania, Weleda partners with farmers to cultivate arnica, a plant essential to its product line but difficult to grow due to the complexities of its cultivation. This collaboration is truly innovative, as Weleda not only provides financial and technical support, but also pioneers new agricultural techniques and sustainability practices, such as growing hundreds of thousands of seedlings to ensure long-term security of supply. In Morocco, Weleda works with a women’s cooperative to cultivate damask roses, introducing efficient and environmentally sustainable methods
such as composting plant waste to enhance soil health. By working directly with farmers and local communities, Weleda doesn’t just optimize sourcing; it co-creates innovative, sustainable solutions that ensure long-term crop viability while strengthening the resilience of local economies. Such collaboration leads to more innovative, comprehensive solutions that address sustainability challenges from all angles.
The leaders in our study are using innovation to build new revenue models, such as subscriptionbased services, which align with circular economy principles. They are also leveraging sustainability driven innovations to unlock new market opportunities in sectors like renewable energy, electric mobility, and sustainable consumer goods. Innovation is the enabler that turns sustainability from a challenge into an opportunity. The companies that are leading the sustainability race are those that are making bold moves, transforming their business models, and leveraging cross-functional collaboration and ecosystem partnerships to push the boundaries of what is possible. They understand that sustainability and innovation go hand in hand – and that to lead in future, they must innovate today.
Enhanced collaboration with partners and stakeholders
Access to new markets and customer segments
Reduced resource consumption and waste
Improved resilience to external shocks and disruptions
Increased innovation and creativity
Positive impact on local communities and ecosystems
Advocacy, to develop new regulations or standards
In the future of sustainable business, success will no longer hinge on the ability of single companies to compete and win. Instead, superior ecosystems – dynamic networks of suppliers, partners, customers, and regulators – will be the drivers that capture emerging market opportunities and set new industry standards. Our research makes it clear that the companies most advanced in their sustainability transformations are those actively building and engaging with these ecosystems to adapt their business models (see Figure 38). These organizations understand that the future belongs not to isolated players, but to collaborative networks that co-create value and resilience. In fact, they know that sustainability is a team game.
In a world where sustainability is increasingly the measure of success, businesses can no longer operate in silos. The very notion of value chains is being redefined, shifting toward value circles, where resources are continuously regenerated, and collaboration drives long-term impact. Whether managing Scope 3 emissions, driving innovation, or responding to regulatory demands, companies cannot achieve sustainability goals alone. The future of business lies in re-imagining value creation as a collective effort and one that crosses organizational boundaries and reshapes industries.
Sustainability challenges like climate change, resource scarcity, and supply chain disruptions demand systemic responses. Our study found that the companies most successful in transforming their business have embedded ecosystem thinking into their sustainability roadmaps, ensuring that collaboration with external stakeholders is not an afterthought, but a strategic imperative. These companies report higher levels of engagement with their suppliers and partners with 92% saying they collaborate with external parties to drive sustainability, compared to lower levels of engagement in companies lagging behind in their transformation journey (see Figure 39).
The importance of these collaborations cannot be overstated. By working closely with external actors, companies tap into a broader and more diverse pool of ideas, technologies, and innovations, ensuring their sustainability strategies are not only aligned with market needs, but also future-proofed against upcoming regulatory shifts. As one senior leader stated, “We are transforming ourselves, and we also want to transform the ecosystem” This approach helps businesses position themselves as more than just participants in their industries, but as leaders reshaping entire sectors through collaboration.
Figure 39: Which external stakeholders does your company actively involve in its sustainability transformation journey?
Industry associations and networks
NGOs and environmental organizations
Government agencies and regulators
Suppliers and business partners
Customers and consumer advocates
Investors and shareholders
Local communities
and research
One of the biggest risks for companies in their sustainability journey is adopting a siloed approach. While internal alignment and resource allocation are critical, focusing exclusively on these aspects limits a company’s ability to scale its efforts and capitalize on the opportunities that exist beyond its walls. Our findings show that companies focusing too narrowly on internal KPIs often struggle to respond to the broader and rapidly evolving market dynamics, missing out on opportunities for co-creation and shared innovation.
On the other hand, organizations that embrace an ecosystem mindset are better equipped to break free from the traditional value chain mentality. These companies don’t just think about their direct suppliers and customers, they extend their collaboration to regulators, competitors, and industry groups. This shift allows them to anticipate changes, adapt more quickly, and ultimately drive more impactful sustainability initiatives.
In this emerging landscape, competition will no longer be between individual companies—it will be between ecosystems. The businesses that thrive will be those that have cultivated ecosystems capable of driving large-scale innovation and adapting quickly
to new challenges. Superior ecosystems will capture market opportunities by leveraging shared data, resources, and innovations, offering a collective resilience that no single company could achieve alone.
Take Scope 3 reporting as an example. Companies cannot achieve meaningful reductions in their indirect emissions without engaging suppliers and partners across the entire value chain. Addressing Scope 3 requires transparency, collaboration, and shared responsibility – all factors that can only be effectively managed through strong ecosystem relationships. The more companies engage in codeveloping solutions with their ecosystems, the greater their potential to not only meet regulatory requirements but to lead in the sustainability space by driving change across industries.
The future of business success in sustainability will be shaped by ecosystems rather than individual companies. Our data shows that companies engaging deeply with external stakeholders – 92% of sustainability leaders actively collaborate with partners and suppliers –are more resilient and innovative. Deep ecosystem collaboration allows them to share data, develop joint strategies, and align processes to meet regulatory demands and market expectations.
Companies that embrace an ecosystem approach are better positioned to scale their sustainability efforts and create long-term value. Rather than seeing collaboration as a compliance exercise, they strategically build networks that enable faster adaptation, shared innovation, and collective resilience. While this ability to co-create solutions with partners drives more effective sustainability outcomes, it also ensures competitiveness in a rapidly evolving market.
“We understand that that we can’t succeed in our sustainability journey alone. We need ideas from the market, from our customers, from our employees. We need ideas from our suppliers.”
– Kati Pallasaho, Senior VP, Strategy and Sustainability, Lindström
The shift from siloed operations to interconnected ecosystems will redefine industry leadership. Companies investing in building strong ecosystems will benefit from better resource efficiency, greater innovation capacity, and the ability to anticipate and shape regulatory changes. The leaders of tomorrow will be those who understand that winning in sustainability means winning together, through ecosystems that drive both business growth and systemic change.
Wärtsilä has long been a leader in innovation, but in tackling the massive challenge of decarbonization, the company recognizes that innovation alone is not enough. To truly transform the marine and energy industries, Wärtsilä is taking an ecosystem approach, working collaboratively with partners across the value chain – and with policymakers – to drive real change.
As Håkan Agnevall, President and CEO of Wärtsilä, noted:
“Climate change is a broad and complex topic. To address it, we cannot do this as a company alone. We need to bring in different stakeholders and work together. We need a holistic approach.”
This philosophy has been a driving force behind Wärtsilä’s bold initiatives, including the Sustainable Technology Hub (STH) and the Zero Emission Energy Distribution at Sea (ZEEDS) project. Launched in 2021, the STH in Vaasa, Finland, serves as a collaborative platform where Wärtsilä invites startups, partners, and other companies to work together in developing green technologies. With a €250m investment, STH is equipped with cutting-edge labs, testing facilities, and flexible production systems designed to accelerate innovation in sustainable fuels and digital solutions. “We are trying to create a platform to accelerate innovation. This is a platform where we are inviting other companies, startups, and their partners to work together. We hope that this will spur further innovation,” Agnevall emphasized.
Another example of Wärtsilä’s ecosystem leadership is the ZEEDS initiative, launched in 2019 to explore the fastest route to zero-emission shipping. This collaborative effort brings together companies from across the maritime value chain, including major players like IKEA and DFDS, to develop joint solutions for the production and distribution of carbon-free fuels. ZEEDS started with a focus on the North Sea and Baltics, two of the world’s busiest shipping corridors, leveraging existing technologies in new ways to create a scalable model for global implementation.
By leading these ecosystem collaborations, Wärtsilä is setting the pace for sustainable transformation in industries that are critical to global decarbonization efforts. The company’s approach shows that driving sustainable change requires more than innovation – it requires partnership, collaboration, and a shared commitment to a greener future.
Lead
As we look to the future, the journey toward sustainability will require companies to embrace a new level of commitment and transformation, building on the foundational drivers with powerful transformational accelerators: digital leverage, innovation in business models, and ecosystem collaboration. These accelerators not only deepen the impact of sustainable initiatives but also open doors to growth, competitiveness, and systemic change that can redefine entire industries.
Innovation – particularly in the form of circular and regenerative business models – must move beyond incremental improvements. Our research reveals that surprisingly few companies take active steps in this direction. Many remain focused on optimizing existing processes, rather than making efforts to fundamentally reshape how they create and deliver value. Innovation, especially disruptive product and service innovation, is an absolute imperative if companies are to meet their sustainability goals. Sustainable transformation demands that we design products differently, thinking not just about their function, but about their entire lifecycle. This includes how products can be reused, recycled, or refurbished, rather than following the traditional linear model of “take, make, dispose”.
Key to this transformation are five circular business model archetypes: optimizing resource use, capitalizing on regeneration, monetizing extended product life, valorizing waste, and ‘servitizing’ products. Valorizing waste, in particular, holds massive potential for business diversification, opening new market opportunities by transforming by-products into valuable resources. Additionally, servitization –moving from product ownership to rental, lease, and other access models – gives companies control over product lifecycles, promoting reuse and longer-term sustainability.
Digital leverage: driving efficiency and sustainability
Digital technologies are poised to be a critical accelerator of sustainability transformation. According to Capgemini’s Eco-Digital Era report, the eco-digital economy is expected to double in size over the next five years, growing from $16.6tn to approximately $33tn by 2028. This shift will be fueled by the integration of digital solutions like AI, cloud services, and data analytics, which are already showing promising results in sustainability efforts. Organizations using these technologies have seen a 24% reduction in energy consumption and a 21% decrease in greenhouse gas emissions over the past five years.
Moreover, 60% of organizations express confidence that technology can accelerate their sustainability goals, leading to increased investments in digital solutions that optimize business processes, reduce emissions, and unlock new revenue streams. However, despite this optimism, many companies are still only scratching the surface, using digital tools primarily for process automation rather than embedding them into a broader sustainability strategy. To fully leverage the potential of the eco-digital era, companies must scale their use of digital platforms and collaborative ecosystems, which will enhance operational efficiencies, and sustainability impacts across the value chain.
Sustainability cannot be achieved in silos. Industries like food, mobility, energy, and housing face significant sustainability challenges, and overcoming them requires collaboration across the entire value chain. This involves engaging suppliers, customers, communities, and even competitors in co-creating solutions that address shared challenges.
Ecosystem collaboration allows organizations to tackle complex challenges – such as reducing Scope 3 emissions or transitioning to renewable energy systems – by pooling resources and expertise. Companies that embrace this collaborative mindset – and those which co-create cooperative and collaborative ways of working – will be better positioned to innovate and drive systemic change across industries. Engaging in cross-sector collaboration ensures that sustainability efforts transcend organizational boundaries, creating more resilient and sustainable systems that benefit everyone involved.
The next era of business will be defined by those who don’t just react to change but actively shape it. In a world where sustainability is fast becoming the price of entry, true leaders will go beyond compliance and incremental shifts, they will champion radical transformation that reimagines how entire industries operate, collaborate, and grow.
Leading in this era will not be about outpacing competitors in the traditional sense; it will be about setting new standards that others aspire to follow, where environmental and social impact are as integral to success as profit and market share.
In this future, sustainability leaders won’t just capture market share; they’ll cultivate ecosystems that bring together suppliers, customers, and even competitors to drive systemic impact, positioning themselves as indispensable architects of a sustainable, resilient economy. This is the blueprint for lasting impact: businesses that embrace sustainability as both their compass and engine for innovation, driving progress that defines the future of their industries – and secures their place within it.
Lead the change: Pushing past roadblocks to drive sustainable business transformation in Europe
Julia Binder is Professor of Sustainable Innovation and Business Transformation, and Program Director of IMD’s Creating Value in the Circular Economy program. She is a renowned thought leader, recognized on the 2022 Thinkers50 Radar list for her work at the intersection of sustainability and innovation. Her research and teaching delve into the intricate processes, strategies, and mechanisms enabling business leaders to integrate economic, social, and environmental impact into innovative business models.
Mahwesh Khan joined IMD in 2019, bringing over 15 years of experience in facilitating transformation journeys for companies and organizations. She works with IMD faculty on practitioner research projects and publications and delivery of advisory projects, focusing on qualitative analyses across diverse business domains. Her expertise lies in working with corporate boards and C-suite on governance and strategy diagnostics.
Esther Salvi is a Postdoctoral Research Fellow at IMD, specializing in quantitative and qualitative research on sustainable development. She has led sustainability initiatives and coordinated academic programs at leading European universities.
Divya Bhatia is a term research assistant at IMD, working with Professor Julia Binder at the intersection of sustainability and business strategy. With an MBA in sustainability management and a specialization in data analytics, Divya’s work primarily focuses on blending data-driven research with qualitative analysis to summarise key insights in the area of sustainable business transformation.
Florent Andrillon is the Vice President, Energy & Utilities Lead at Capgemini Invent. Having begun his career in the oil and energy sector, Florent has spent many years helping companies deliver their strategies for energy transition, acceleration, and global transformation, notably leveraging digital technology, such as smart buildings, e-mobility, and smart energy.
Juliette de Maupeou is the VP of Sustainable Futures at Capgemini Invent, where she leads the ESG Performance offer and supports clients in addressing transformation challenges related to climate change and planetary boundaries. Her expertise includes innovation within industrial activities, large transformation programs, ecosystem management, and sustainability spanning climate, water, and biodiversity.
Liza Garay De Vaubernier is a Senior Director, leading the Sustainable Futures Impact Lab and the strategy and offer development for sustainable insurance. She has over 15 years experience driving largescale projects across different functions. She has a strong expertise in ESG strategy, development of climate, biodiversity & social projects, and managing transversal projects in an international environment.
Lead the change: Pushing past roadblocks to drive sustainable business transformation in Europe
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